Blockchainreporter: Weekly Crypto News Review

Recent events have pointed out that the burgeoning crypto industry is making progress day by day. The latest developments are leading the way toward a wide-level adoption of this sector. As per the reports, the authorities in several prominent crypto platforms are taking adequate measures to push the boundaries of the industry.

In addition to this, the frequent legislative and regulatory changes to incorporate crypto assets are also playing a significant role in this process. Moreover, the market is also reacting to these positive developments. The occurrence of these crucial developments this week suggests that the crypto world is gradually making its way to mainstream adoption.

HSBC Becomes the Initial Bank Authorized to Introduce Trading of Ethereum and Bitcoin ETFs in Hong Kong

HSBC (categorized among the top banking firms in Hong Kong) has recently received approval from the authorities to offer ETF trading of Ethereum and Bitcoin. With this, the banking giant has turned into the earliest platform offering ETF trading services in the crypto market. This decision is witnessed in reaction to the ETF-related applications filed by firms dealing with the management of cryptocurrencies in recent weeks.

The authorization to offer this trading can potentially put a beneficial effect on the crypto accessibility for the people living in Hong Kong. Additionally, this leads the way to exclusive opportunities letting people conveniently enter the crypto market with the regulated ETF framework. Moreover, this development can synchronize the crypto market as well as the worldwide banking sector.

Trading Volume of TrueUSD Jumps above $68B, Indicating Resilient Market Demand

­The prominent USD-pegged stablecoin TrueUSD (TUSD) has remained effective in achieving an exclusive landmark. The reports have disclosed that the trading volume of the token in the recent 30 days has reached beyond $68B.  This is considered to be a crucial feat performed by the well-known stablecoin. Along with this, the respective move fortifies the token’s place and signifies its great market demand.

The issuer of the stablecoin is TrustToken and it gives a lot of attention to transparency. The token’s value against the USD is 1:1. The current position of the tokens is 24^th among the biggest crypto assets in terms of market capitalization. In this, way, the coin plays an important role in advancing the blockchain sector.

Tether and Georgian Authorities Sign an MOU to Focus on Blockchain Development

The government of Georgia and the leading stablecoin issuing firm Tether have recently signed an MOU for strategic collaboration. The move focuses on placing Georgia as a prominent place for the blockchain as well as peer-to-peer technology. As included in the collaboration, both parties intend to establish a developing atmosphere for the P2P technology’s usage.

Tether’s CTO Paolo Ardoino asserted that this move elevates the platform’s position as a well-known infrastructure collaborator dealing with cities and countries around the world. The stablecoin issuer recognizes the need for adopting the newly occurring changes to maintain its existence and facilitate the clients. Additionally, the supportive operational conditions of Georgia allured Tether for this partnership.

MicroStrategy Announces Acquiring 12,333 BTC for $347 Million to Increase Its Portfolio

MicroStrategy, the popular entity in the sector of business intelligence, has reiterated its faith in the top crypto token Bitcoin. In this respect, the platform has acquired an exclusive procurement of Bitcoin. It has purchased up to 12,333 BTC tokens which have increased its total BTC holdings to 152,333 BTC. The reports have brought to the front that the platform spent nearly $347M to meet the expenses of this acquisition.

This buyout has substantially fortified the Bitcoin portfolio of MicroStrategy. Apart from that, the platform revealed a strategic financial development by carrying out a sales contract with Canaccord Genuity LLC and Cowen and Company, LLC on the 1^st of May. This contract allows a cumulative offering price of nearly $625M with the flexibility to collect more funds.

Alchemy Pay Discloses Innovative Crypto Card Facility to Offer Seamless Crypto Expansion

Alchemy Pay, the famous firm offering solution for the crypto-fiat gateway, has recently disclosed an exclusive crypto card facility. The launch of this service intends to enhance the user experience in terms of using digital assets. It provides consumers with an unparalleled utilization of crypto funds.

The platform is evolving the crypto payment sector with its latest service. The service strengthens the non-bank firms to launch their separate crypto Mastercard and Visa by taking benefit from the segmental API interface of Alchemy Pay. The interface lets partners use the present payment capabilities and compliance infrastructure.

United Kingdom Authorizes a Milestone Crypto Legislation, Categorizing Digital Assets among Regulated Financial Operations

The UK has achieved a huge landmark in the case of digital assets with the official authorization of legislation that classifies crypto among the regulated financial operations. The legislation called “the Financial Services and Markets Act 2023” focuses on promoting a sustainable, open, and technologically progressive sector of financial services. This development points toward a significant turning spot as regulators presently have the authority to administer the digital asset market.

The legislation effectively accomplished the legislative procedure. It was initially proposed in July last year to significantly reform the authority of the regulators in the case of the financial system. This bill’s approval indicates the country’s determination to adopt the facilities provided by digital assets while guaranteeing client protection as well as advancing economic growth.